Search found 13 matches

by Pauline
Sat Jun 13, 2015 9:56 am
Forum: Canada / United States Tax & Accounting
Topic: Section 217 for RRSP Withdrawal
Replies: 1
Views: 998

Section 217 for RRSP Withdrawal

Hi, My husband and I withdrew from our RRSPs when we were non resident of Canada. I am trying to use section 217 to lower the 25% tax that we paid to Canada. I did not work since we moved to the US, so for my case I can get all the taxes back. But my husbands gets nothing considering his income in t...
by Pauline
Sun Jun 07, 2015 10:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadian-US residency
Replies: 3
Views: 1323

Thanks so much for the reply Nelsona. When I filed our tax return in 2013 I considered that we were factual residents till Dec. 31 2013. I did not file a departure return. But I sent the CRA a letter explaining that we had moved to the US Dec 1st. As a result they stopped paying us benefits (child t...
by Pauline
Sun Jun 07, 2015 9:53 am
Forum: Canada / United States Tax & Accounting
Topic: Canadian-US residency
Replies: 3
Views: 1323

Canadian-US residency

Hi, I am a Canadian citizen and lived in Canada in 2013. I moved to the US with my family in Dec. 2013 with a visa. I never lived in the US before, so I did not satisfy the presence test in 2013 and became a US resident alien Jan 1st 2014. When I read this forum I see that the date of the move is co...
by Pauline
Tue May 26, 2015 12:44 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 1116- gain and loss in different categorie
Replies: 3
Views: 1857

Thanks MGeorge, That is what I think I have to do too. Unfortunately I don't get any foreign tax credit with this method. The only problem now is that TurboTax does not allow me to fill a 1116 form without income and tax, and Taxact gives me a red alert and shows that I have an error since I do not ...
by Pauline
Fri May 22, 2015 8:01 am
Forum: Canada / United States Tax & Accounting
Topic: Form 1116- gain and loss in different categorie
Replies: 3
Views: 1857

Form 1116- gain and loss in different categorie

Hi, I closed my RRSP and paid the %25 tax to Canada, so I am filing form 1116 in the general category to use the foreign tax credit. I also had a capital loss in Canada in the passive category, related to a TFSA. I did not intend to file a 1116 for this category since I did not pay any taxes and I c...
by Pauline
Thu May 14, 2015 5:44 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC with a loss
Replies: 14
Views: 6672

Thank you MGeorge!
by Pauline
Tue May 12, 2015 11:51 am
Forum: Canada / United States Tax & Accounting
Topic: PFIC with a loss
Replies: 14
Views: 6672

Thank you for sharing your experience MGeorge. Now that I've read your posts, everything makes sense. Here is a link to the 1001: https://www.law.cornell.edu/uscode/text/26/1001 It does not mention 1291 funds. It only explains the general rules for calculating gains and losses. However, as the link ...
by Pauline
Mon May 11, 2015 3:19 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC with a loss
Replies: 14
Views: 6672

Thank you so much MGeorge! I really appreciate your reply. I don't know why I was not notified that there was a reply to this post. I just saw your answer yesterday, and I decided to do some more research before replying. From the explanation in the site that you referred to, one should be able to a...
by Pauline
Thu Apr 23, 2015 8:48 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC with a loss
Replies: 14
Views: 6672

Thank you again! I think I cannot claim the loss either. Unfortunately, I also think that I have to file form 8621. In my first post I have shown that my case does not fall under any of the 5 circumstances stated for filing this form. HOWEVER, another section states: "In general, the following inter...
by Pauline
Thu Apr 23, 2015 2:37 pm
Forum: Canada / United States Tax & Accounting
Topic: PFIC with a loss
Replies: 14
Views: 6672

Thank you for the reply MGeorge. First, let me correct my post: in section (I) I wrote distribution, but I meant disposition. As I have stated I did not receive any distribution in 2014. I have some questions about your reply: 1) (the most important question!) You said that I have to file 8621 becau...
by Pauline
Thu Apr 23, 2015 8:07 am
Forum: Canada / United States Tax & Accounting
Topic: PFIC with a loss
Replies: 14
Views: 6672

PFIC with a loss

Hi, I had a TFSA (mutual fund) in Canada with a total value of <$14k. I closed this account in 2014, the year I became a US resident. Considering the drop in the CAD compared to the USD, the USD value of the account at the time of disposition was less than the cost base of the mutual funds when I pu...
by Pauline
Thu Apr 09, 2015 4:40 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting closed mutual fund RRSPs
Replies: 3
Views: 1484

From what I read, I understand that while someone holds an RRSP, there is no need to fill form 8621, since the income is deferred till distribution from the plan considering the tax treaty. But it is not clear from any of the posts if one has to fill form 8621 when there is a withdrawal from the mut...
by Pauline
Thu Apr 09, 2015 11:50 am
Forum: Canada / United States Tax & Accounting
Topic: Reporting closed mutual fund RRSPs
Replies: 3
Views: 1484

Reporting closed mutual fund RRSPs

Hello, I found lots of information about RRSPs and how they are taxed in this forum. However, I still have some questions about reporting obligations. My husband and I closed 5 RRSPs (around 20k) in 2014, 3 of which were mutual funds. We were NR of US in 2013 so we did not report them last year. We ...